I am glad that I don’t have to carve these titles in stone.
Here is a brief update since Bitcoin @>$4K. I continue to mine (one can get started online here) and own Bitcoin. Nothing about the price move has done anything to validate or invalidate my long-term thesis that it is worth holding as a percentage of your cash (10% for investors in the developed world but 90% for investors in countries without stable currency. If you live in Zimbabwe or Venezuela, switching to BTC would lower volatility).
As it appreciates, I have somewhat reduced my exposure as denominated in Bitcoin while growing it as denominated in US$. To moderate the price spike, I have been changing some of it into altcoins. In particular, I have been buying coins that I expect to get added to Coinbase in the New Year. As far as hedges, one can short the BTC futures at a premium and might consider nearly any of the Bitcoin-linked equities. Few seem to have much value. Their market price reactions to any news tangentially related to Bitcoin has been absurd – see Siebert Financial (SIEB). This harkens back to the late nineties when you could add a “.com” to a corporate name and double the stock price.
As per always: buyer beware, use caution, and do your own work.